$1 billion Circular Quay development kicks off

Carolyn Cummins

The once-tired Circular Quay is set for a $1 billion revamp with the green light given for the development of AMP's 50 Bridge Street, which will feature a striking angular office building on the Sydney foreshore.

Internationally renowed architectural firm, Denmark's 3XN, has been appointed to the project.

Revamp: Circular Quay is set for a $1 billion revamp now developers have been given the green light. Photo: Supplied

The green light for the second phase of the project, involving the rejuvenation of AMP Capital's prime holdings in Circular Quay, including 33 Alfred Street, 50 Bridge Street and a number of properties at Young and Loftus streets (1.1 hectares of property), will see the northern end of the city — the one with the harbour views — throw down the gauntlet to its western corridor rival, Barangaroo.

The new design will see the 43-storey property evolve into an angular design that will allow natural light into every floor and double the floor space to accomodate the new open-plan, hot desking-style office.

A spokeswoman for AMP said the building, Quay Quarter Tower will "comprise a series of shifting glass volumes stacked upon each other".

"By dividing the building into separate volumes and placing atria throughout each volume, the spaces become smaller, more intimate social environments, encouraging building occupants to connect and interact," she said.

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The new building will feature a sustainable office and flow-through public space, as well as new urban village offices, complete with the internal gardens.

Kim Herforth Nielsen, founding partner and creative director of 3XN said this project looks at the "high rise" in a new way from both the inside out and outside in.

"The new tower will engage in an open dialogue with the city skyline and transform the Bridge and Alfred Street blocks into an exemplary international commercial address. We believe it will be a significant new addition to the cityscape," he said.

Following design development of 3XN's winning scheme, further Stage 2 DAs will need to be submitted and approved by the City of Sydney.

Revistalising the Circular Quay area, will also involve the conversion of the former Coca-Cola Amatil building, near the Cahill Expressway, and potentially the Gold Fields House, into upmarket apartments.

The projects will see more cranes on Sydney's skyline, to rival those seen in the lead-up to the 2000 Olympic Games.

According to the Rider Levett Bucknall (RLB) Crane Index, there are more than 125 cranes within the Sydney region.

Stephen Ballesty, Rider Levett Bucknall's director of research and development, said within five kilometres of the Sydney GPO there are 60 cranes dominating the skyline.